Tag: Things to do

Real Estate Q & A: What is homeowner's insurance and do I need it?

When you purchase a home, consider how you will protect your investment.

Most mortgage lenders insist on fire insurance coverage at least equal to the loan amount or the building value, whichever is less.

 

You should also consider a homeowner’s policy that combines fire insurance on the building and its contents with personal liability coverage. Consult your general insurance agent or broker for professional advice on home insurance.

 

 

MORTGAGE LIFE INSURANCE

Mortgage life insurance (MLI) is inexpensive coverage on your life which protects your family or beneficiaries by paying off your outstanding mortgage in the event of your death. For just pennies a day, you will have peace of mind knowing your beneficiaries will be mortgage free. MLI premiums are based on two factors: your age and mortgage amount. Your premium is added to your mortgage payment so there’s no extra paperwork, and it remains the same until your mortgage is paid off. Joint coverage for spouses is also available.

 

DISABILITY INSURANCE

Disability Insurance is important if your mortgage payments depend entirely or in part on your income. Disability insurance provides replacement income if an accident or illness prevents you from working.

 

JOB LOSS MORTGAGE INSURANCE

Recently insurance companies have started to offer Job Loss Mortgage Insurance. This insurance covers the mortgage payments in the event that you involuntarily lose your job.

 

 

Chestnut Park Real Estate Ltd., Brokerage

Real Estate Q & A: What are the associated costs of purchasing a home?

Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost, of course, is the down payment. It usually represents between 5-25% of the total price of the property. Typical monthly costs incurred with homeownership are mortgage payments, maintenance, insurance, condo fees, property taxes, and utilities.

 

 

In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:

 

 

 

 

Other costs may include; landscaping, redecorating, furnishing, and appliance repairs.

 

 

Chestnut Park Real Estate Ltd., Brokerage

 

Real Estate Q & A: Making an Offer

When it comes time to make an offer, your Real Estate Professional can provide current market information and will assist you in drafting your offer.

Your agent will communicate the offer, sometimes known as an Offer to Purchase, to the seller, or the seller’s representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time.

making an offer

 

FIRM OFFER TO PURCHASE

Usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.

 

CONDITIONAL OFFER TO PURCHASE

Usually means that you have placed one or more conditions on the purchase, such as “subject to home inspection”, “subject to financing” or “subject to sale of buyer’s existing home”. The home is not sold until all the conditions have been met.

 

ACCEPTANCE OF OFFER

Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.

 

There are six key components to the elements of an offer. They are:

 

PRICE

Depending on the local market conditions and information provided by your agent, the price you offer may be different from the seller’s price.

 

DEPOSIT

Your deposit shows good faith and will be applied against the purchase of the home when the sale closes. Your Real Estate Professional can advise you on an appropriate amount.

 

TERMS

Includes the total price offered and the financing details. You arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.

 

CONDITIONS

These might include “subject to home inspection”, “subject to you obtaining financing”, or “subject to you selling your property”.

 

INCLUSIONS AND EXCLUSIONS

These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house.

 

CLOSING OR POSSESSION DATE

Generally, the day the title of the property is legally transferred and the transaction of funds finalized.

 

Chestnut Park Real Estate Ltd., Brokerage

Is It Time to Replace the Windows in Your Home or Cottage?

There are many benefits to getting new windows for the home, but due to cost and inconvenience, many homeowners put off replacing them. In fact, you may be wondering if it's really time to replace the windows in your home, or if you are simply tired of the ones in place. Here, we'll help distinguish the difference between 'wanting' new windows and 'needing' them.

There are three basic factors to consider when evaluating the windows in your home. They include energy efficiency, maintenance, and ease of use. Keeping these three things in mind, ask yourself the following questions:

Are my windows energy efficient?

To gauge the energy efficiency of your windows, consider the comfort level of your home. Is it difficult to maintain an even temperature during hot and cold months? Do you feel drafts around the window casings? Can you hear whistling through the window on a windy day? If so, it may be time to replace your windows with a more energy efficient set.

Windows that are certified as energy efficient can help regulate temperature, block sunlight, and control indoor humidity levels.

Do my windows require a lot of maintenance?

If you find that you spend a great deal of time and energy maintaining your windows, it may be worth the expense of replacing them. Maintenance may include, but is not limited to:

Removal of old paint – Painted windows require frequent scraping of old paint. Failure to remove it will result in wood rot.

Painting – When windows for the home are scraped of old paint, they need to repainted. If you spend a great deal of time on this chore, it may be time to replace them with easy-care vinyl or aluminum windows.

Operational adjustments – If you frequently have to force the windows open, replace hardware, or lubricate them often, they may need replaced.

Are my windows easy to use?

Can everyone in the household open and close the windows? If they refuse to open, stick in the up or down position, or won't swing in and out of place, it can pose a serious danger in the event of a fire. This, in itself, is a good reason to replace the windows in your home.

Additional signs that it's time to replace your windows:

Fogging – If your windows are frequently fogged between the panes, it's a sign that the glass needs replaced. If your windows are extremely old, it may be difficult (and costly) to find replacement glass.

Rot – Once the windows begin to rot, there's no stopping it. Rot can not only cause damage to the windows themselves, but to the area around it. Wet rot can attract termites, which can destroy a home.

Jennifer Wagner, Yahoo! Contributor Network
Mar 8, 2012

Retirement & Downsizing: BMO Advises on How to Determine Whether or Not to Make the Move

– First of Canada's nine million Boomers became eligible for retirement in 2011 – Health, location and financial considerations will determine whether they move or not – BMO offers advice to those thinking of giving up the family home
 

There are several factors to consider when making the decision to downsize or not, including:

Your Health

Although health matters may be hard to predict, it is important to think about what you might need to do if your health status changes in the upcoming years. A good place to start is to ask yourself the question, "If there were a shift in my healthy or mobility…"






	A Change in Location



	A change in location can greatly impact your day-to-day activities and social interactions, and will often determine the lifestyle you lead. Some retirees would prefer to live in a group setting, while others would like to live in a more urban area with easier transport.



	Financial Considerations



	Laura Parsons, Mortgage Expert, BMO Bank of Montreal, notes that, for those considering downsizing, many financial factors need to be considered, including costs related to property maintenance and the possibility of renovations to adapt to changes in lifestyle.



	Click to Read More:



	 

	


	







	

		
		
Natural Flooring Choices for your Next Cottage Renovation
	


	
	
	

		

	Today’s market offers a welcome and growing range of green products. Many owners are on the search for non-toxic flooring choices, abandoning the formaldehyde drenched fibers of days past.



	 



	Where does one begin on the search for new, green flooring? First, decide what type of flooring works best for your space and make the commitment to go green.



	Natural hardwoods work well for bedrooms and living rooms, but don’t stand up as well to the moisture found in bathrooms. Tile is great for all rooms, but is more time-consuming to install and can represent a slipping hazard. Finally, carpet is a warm and traditional touch popular for decades, but finding natural non-toxic versions can be difficult.



	Next, you need to decide upon a budget. There are options for all price ranges.



	Let’s look at carpet. Going green doesn’t mean giving up the warmth and comfort of carpet. While traditional carpet can be inexpensive, it and its padding and glues can be steeped in formaldehyde and other chemicals.



	According to the Environmental Protection Agency (EPA), “ Airborne formaldehyde acts as an irritant to the conjunctiva and upper and lower respiratory tract. Symptoms are temporary and, depends upon the level and length of exposure, may range from burning or tingling sensations in eyes, nose, and throat to chest tightness and wheezing. Acute, severe reactions to formaldehyde vapor — which has a distinctive, pungent odor — may be associated with hypersensitivity. It is estimated that 10 to 20 percent of the U.S. population, including asthmatics, may have hyper reactive airways which may make them more susceptible to formaldehyde's effects.” Who wants to mess with that?



	Beautiful wool carpets can be pricey, but they’ll save your big when it comes to their durability, feel, and of course green status. You can find many companies online and in your community that offer this option. Cork (renewable and recyclable), sisal, and recycled carpets are also worth consideration.



	When it comes to woods, bamboo is a truly renewable source. Bamboo grows fast, very fast. It’s not a hardwood, but it looks like one. It can one of the less expensive green flooring options.



	Natural Stained Hardwoods can be another great choice. The key is natural stains (and glues if applicable). Stains can leach fumes into your living space for years the same way traditional paints do. Opt for natural stains options. The ultimate plus for hardwoods is they look wonderful for generations and only need a moderate level of care.



	Finally, consider the benefits of tile. Stone tiles are a natural rock. They are quarried right out of the earth and require no chemical concoction to create. It is incredibly user-friendly in maintaining and of course requires no VOC finishes!



	Green flooring options are out there and within any budget! Be sure to go green when you replace your next floor.



	Published: February 24, 2012



	Source: Realty Times

	


	





	

		
		
What is Ontario title insurance? Why do I need it?
	


	
	
	

		

	Tierney Stauffer LLP Lawyers, Alexander Parker, Associate

	Arnprior, Ontario





		When you purchase real estate, it is crucial that you obtain a property with clear ownership or “good title.” Title insurance can assist in ensuring that the quality of the legal title that you are purchasing is unproblematic thereby giving you peace of mind.



		Title insurance can provide coverage for work orders which arise from the failure of previous owners to obtain proper permits. Title insurance can also cover a purchaser for issues that an up to date survey might reveal (such as encroachments of buildings over lot lines), access related problems, fraud, mortgages or other encumbrances affecting title and, in general, the unmarketability of title to the property.



		Use of title insurance often lowers your closing costs by eliminating many of the costly “off-title” searches. It allows you to close your transaction sooner instead of waiting weeks for responses to the off-title searches. The survey coverage provided by title insurance allows a purchaser to close a transaction without obtaining an up to date building location survey potentially saving $1500 to $2000. The cost of title insurance is approximately $280 and is a onetime payment which provides coverage to the purchaser for the length of time that they own the property.



		Title insurance will not necessarily fix any issue that is discovered on title but will often protect an owner from financial loss for issues which may not be discoverable through regular investigations. Title insurance is a tool to be discussed with your lawyer to provide you added protection and peace of mind when purchasing real estate.



		This article is provided as an information resource and is not intended to replace advice from a quaified legal professional and should not be relied upon to make decisions. In all cases, contact your legal professional for advice on any matter referenced in this document before making decisions.





	 



	 



	 



	 



	 



	 



	 

	


	





	

		
		
March 31 Deadline for Challenging MPAC Property Assesment
	


	
	
	

		

	What to do if you have questions about your property's assessed value



	Review your Property Assessment Notice to make sure that it contains the most up-to-date information about your property. Ask yourself this question – could you have sold your property for its assessed value on the valuation date listed on your Property Assessment Notice? If you have more questions about your property’s assessed value, there are steps you can take to have your concerns addressed.



	 



	Step 1 – Contact MPAC



	Please call the Customer Contact Centre at 1 866 296-MPAC (6722). They are here to help you.  Please contact them with your questions or concerns.



	 



	Step 2 – Review the value of properties similar to yours



	Comparing your assessment to similar sold and unsold properties in your area will help you determine its accuracy. You can obtain information about your property and information on up to 24 additional properties of your choice and up to six selected by MPAC, free of charge.



	To do so, please:



	Visit AboutMyProperty™

	Enter your personalized User ID and Password for AboutMyProperty™ included on your Notice and follow the instructions to register and obtain the information.



	Alternatively, you may send a written request:

	Mail: MPAC

	Attention: GRAD

	P.O. Box 9808

	Toronto ON M1S 5T9

	E-mail: Contact Us

	Fax (toll-free): 1 866 297-6703



	AboutMyProperty™ New features allow for easier searching of residential properties When you visit AboutMyProperty™, you can use the interactive map or property address search to help you compare your assessment to the assessment of similar properties in your neighbourhood. Through the map, you can view up to 100 Property Detail Snapshots to help you make an informed choice of what is a comparable property, or a property that is most similar to your own.



	For areas of the province where mapping is not available, you can search at the municipal level through an address search. If you want to look up a property that is not in your neighbourhood, but still within your municipality, you can enter the address in the property search window to get a Property Detail Snapshot.



	 



	Step 3 – Ask MPAC to review your assessment through a Request for Reconsideration (RfR)



	If you still do not believe your assessed value or classification is accurate, MPAC will review it free of charge. The deadline to file your RfR is March 31 of the tax year.



	There are two ways to file a RfR:



	The preferred method is to complete a RfR form.



	Forms are available at www. mpac.ca or call and they’ll send you a copy. You may also choose to file your RfR electronically through AboutMyProperty™. You will be able to attach documents, pictures and reports to accompany your RfR.



	Write a letter requesting a RfR.



	In your letter, please include the 19-digit roll number on your Property Assessment Notice; your full name, address and phone number; and all the reasons why you feel your assessment is incorrect. The mailing address is:



	MPAC

	P.O. Box 9808

	Toronto ON M1S 5T9


https://bit.ly/ybFWOw

	


	





	

		
		
When to Look a Gift Horse in the Mouth
	


	
	
	

		

	Originally posted in International Living

	December 14, 2011


	Dear Reader,



	It’s not every day that you get a freebie. 



	And the usual advice is to take the freebie and run, before the giver changes their mind. But when it comes to real estate, you need to analyze why you’re getting the freebie, and what you’re missing out on if you take it.



	I thought of this when speaking to an attorney we work with a few weeks ago.



	There had been a recent surge in property sales in the area this attorney works in. I asked if he had seen a similar surge in buyers asking him to check out their property purchase. 



	He said no. I figured another attorney had set up shop and taken a chunk of his business. But that wasn’t the issue. The problem was that property developers and real estate agents in the area had started to offer a new freebie.



	Buy a property…and we’ll cover your closing costs.



	Sounds very tempting, doesn’t it? But the agents and developers weren’t just calculating the projected closing costs and giving you a credit, or picking up the tab at closing. Both are common, acceptable practices that I’ve seen before. In this case, they simply said that they would “take care of closing for you”.



	At face value, it’s attractive. It can save buyers a lot of time. It can save the headache of trying to find a local attorney. It can save thousands of dollars. So what’s the catch?



	The catch is that you don’t get to choose the attorney.



	Instead, the agent or developer chooses one for you. He’s most likely the real estate agent’s or developer’s attorney. He may have carried out the original due diligence on the property. He may have worked with the developer’s or agent’s family for years. Sometimes he’s the developer’s or agent’s paid employee.



	If you think this won’t happen….that there are rules governing attorneys representing both sides of a transaction…think again. In many countries that’s not classed as a conflict of interest. The attorney may not even have to disclose that he represents the developer or agent, or is their employee. But when push comes to shove, he’s the developer’s or agent’s attorney, not yours.



	He won’t necessarily have your best interests at heart.



	Even if he scrupulously flags any potential problem, it’s still not ideal. He may have overlooked something when he did the original checks on the property title. He may not have included all the standard clauses in the sale contract. He might not realize that the development needs one more permit.



	It’s not that the developer’s or agent’s attorney is dishonest. But one of the most important benefits of having your own attorney is the check-and-balance that you get…that “second pair of eyes” on the transaction.



	If you use your own attorney, he’ll flag up these problems. He may also suggest changes to the contract to protect you as a buyer. He’s 100% on your side. He’s not trying to keep the developer or agent happy.



	My advice if you’re offered the “we’ll pay your closing costs” deal is to ask what that means. If the developer or agent gives you a discount on the purchase price, or pays the fees – and you hire your own attorney, that’s great. If the deal means using his personal attorney, or one that he chooses, I’d turn it down. Instead, I’d ask for a straight discount. It might not cover the full closing costs, but you'll get an attorney that's only looking out for you.



	Margaret Summerfield